Merafe Resources

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Annual results & Annual financial statements

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Latest results FY25

Cover Annual results 2024


Annual Results presentation for the year ended 31 December 2025

Latest results FY24

Cover Annual results 2024


Annual Results presentation for the year ended 31 December 2024

Latest results FY23



Annual Results presentation for the year ended 31 December 2023

Latest results FY22



Annual Results presentation for the year ended 31 December 2022

Latest results FY21



Annual Results presentation for the year ended 31 December 2021

Merafe’s revenue and operating income is primarily generated from the Venture which is one of the global market leaders in ferrochrome production, with a total installed capacity of 2.3 million tonnes of ferrochrome per annum. Merafe shares in 20.5% of the earnings before interest, taxation, depreciation and amortisation (“EBITDA”) from the Venture.

Latest results FY20



Annual Results presentation for the year ended 31 December 2020

The COVID-19 pandemic has destabilised the global health systems and disrupted economies. This pandemic coupled with an already fragile operating environment have resulted in a loss after tax for the 2020 financial year mainly due to a significant impairment loss on property, plant and equipment in the first half of the year.

Latest results FY19



Annual Results presentation for the year ended 31 December 2019

With a challenging operational environment and uncertainty fuelled by year-long trade wars which have affected both the global demand for and pricing of our products, Merafe has produced an underwhelming set of financial results for the 2019 financial year.

Annual Results 2018



Annual Results presentation for the year ended 31 December 2018

Despite a challenging operational environment, Merafe produced a pleasing set of financial results for the 2018 financial year. The uncertainty created by geopolitical events such as Brexit and trade wars resulted in lower realised CIF ferrochrome prices.

Annual Results 2017



Annual Results presentation for the year ended 31 December 2017

Merafe delivered exceptional results for the 2017 year with new records set for chrome ore and ferrochrome production, revenue and EBITDA. These outstanding results were achieved primarily as a result of significant increases in both chrome ore and ferrochrome prices coupled with strong operational cost control.

Annual Results 2016



Annual Results presentation for the year ended 31 December 2016

On 6 March 2017, the Board of directors (the Board) of Merafe Resources Limited (the Company) approved the audited consolidated annual financial statements of the Merafe Group (Group) and the Company for the year ended 31 December 2016.

Annual Results 2015



Annual Results presentation for the year ended 31 December 2015

On 8 March 2016, the board of directors (the Board) of Merafe Resources Limited (the Company) approved the audited consolidated annual financial statements of the Merafe Group (Group) and the Company for the year ended 31 December 2015.

Annual Results 2014



Annual Results presentation for the year ended 31 December 2014

On 3 March 2015, the board of directors (the Board) of Merafe Resources Limited (the Company) approved the audited consolidated annual financial statements of the Merafe Group (Group) and the Company for the year ended 31 December 2014.

Annual Results 2013



Annual Results presentation for the year ended 31 December 2013

On 6 March 2014, the board of directors (the board) of Merafe Resources Limited (the Company) approved the audited consolidated annual financial statements of the Merafe Group (Group) and the Company for the year ended 31 December 2013.

Annual Results 2012



Annual Results presentation for the year ended 31 December 2012

On 28 February 2013, the Board of directors (the Board) of the Company approved the annual financial statements of the Group and the Company for the year ended 31 December 2012.

Annual Results 2011



On 1 March 2012, the board of directors (the Board) of the Company approved the annual financial statements of the Group and the Company for the year ended 31 December 2011.

Annual Results 2010



“We are delighted to report a significant increase in earnings, from the global economic crisis in 2009. Merafe’s outstanding turnaround in performance was achieved primarily due to a 46% increase in the average European benchmark ferrochrome price and operational cost control through breakthrough achievements in optimising the reductant mix.

Annual Results 2009



The objective of this report is to provide our stakeholders with an integrated view of the economic, social and environmental performance for the fi nancial year 1 January 2010 to 31 December 2010 of the Merafe Group (consisting of the entities set out in this report including Merafe Resources Limited and Merafe Ferrochrome and Mining (Pty) Ltd). The company’s previous annual report was published in 2010 for the reporting period ended 31 December 2009.

Annual Results 2008



On 26 February 2010, the Board of directors (the Board) of the Company approved the consolidated annual financial statements of the Group and the Company for the year ended 31 December 2009. In compliance with the JSE Limited Listings Requirements, the statements have been prepared in accordance with International Financial Reporting Standards and the Companies Act 61 of 1973, as amended.

Annual Results 2007



On 28 February 2008, the board of directors (the Board) of the Company approved the consolidated annual financial statements of the Group and the Company for the year ended 31 December 2007, prepared in accordance with International Financial Reporting Standards.

Annual Results 2006



In compliance with the JSE Limited (JSE) Listings Requirements, Merafe has prepared its consolidated annual financial statements in accordance with International Financial Reporting Standards (IFRS) for the year ended 31 December 2006.

Annual Results 2005



In compliance with the Listings Requirements of the JSE Limited, (“the JSE”) Merafe has prepared its consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) for the twelve months ended 31 December 2005.

Annual Results 2004



Shareholders are reminded that the Company changed its year-end from 31 March to 31 December and, as such, the current reporting period is for nine months to 31 December 2004